Hong Kong to spend HK$250 billion to expedite a basket of infrastructural megaproject

Chief Executive Donald Tsang Yam- kuen is expected to announce a government investment of HK$200 billion to expedite a basket of infrastructural mega projects in his policy address today.

His aim is to create jobs, stimulate the economy, and foster greater integration with the mainland amid robust and rapid economic and infrastructural progress over the border.

"We are sitting on this huge reserve and the best way is to give back to the people or spend it on much needed projects," Lee said.

Analysts agreed Tsang is unlikely to say anything concrete on democratic reform and that he will use the three- month green paper consultation, which expires today, to sidestep the issue.

Analysts believe Tsang will also outline strategies to enhance the city's competitiveness and strengthen its status as a top financial center to fight off threats from Shanghai and Macau, which just opened the Venetian Macao.

"Facing the threat from Macau, Hong Kong's competitiveness is decreasing. A lot of people are worried about being marginalized. This is something that Donald Tsang would have to address," said James Sung Lap-kung, political professor at City University.

Tsang's expected HK$200 billion investment includes:

HK$30 billion for a Guangzhou- Shenzhen-Hong Kong Express Rail Link (previously known as Regional Express) to be completed by 2010;

HK$60 billion for the Hong Kong-Macau-Zhuhai Bridge (up to 3,000 jobs) to open in 2009;

HK$20.1 billion for the Tuen Mun West Corridor with the funding proposal at the end of this year, to be completed in 2016;

HK$6 billion to HK$7 billion for a South Island Line (6,000 jobs) to be completed in 2015;

HK-Zhuhai-Macau Mega Bridge
HK-Shenzhen-GuangZhou Express Rail
Shatin-Central Line
South Island Line
Northern Line
Tuen Mun to Chep Lap Kok Link/Tuen Mun by-pass (the idea is to link up Hong Kong International Airport with Shenzhen Airport in the future)
Route No. 4
South East Kowloon Development (Kai Tak Development including Cruise Terminal)
West Kowloon Cultural District
Lantau Island Development Concept Plan (including Tourism Node at Sunny Bay and Tung Chung etc...)

The Chief Executive, Donald Tsang, has pledged to spend billions of dollars on massive infrastructure projects to boost economic development and create jobs.

In his first policy address since being re-elected - entitled A New Direction for Hong Kong - Mr Tsang also announced tax cuts in the next financial year, and the introduction of 12 years of free education. He said the main infastructure projects would include the Hong Kong-Zhuhai bridge, a new rail link between Hong Kong and Guangdong, and the Shatin-Central and South Island lines. Mr Tsang says that these - together with other projects - will add $100-billion to the economy annually, and produce an extra 250,000 jobs. Salaries tax will be reduced to 15 percent, and profits tax to 16.5 percent, with further cuts in store if the economy remains strong. Mr Tsang said the Government won't try to narrow the wealth gap by redistributing public money, but it will create the social conditions to help low-income families. One key measure is 12 years of free education for all children, starting in the next school year. Small class education will also be implemented in phases.

Ten major infrastructure projects to spur economy

2007-10-10 HKT 13:24

Plans for massive spending on infrastructure projects. Photo: RTHK.

The government is to push ahead with ten major infrastructure projects to spur economic expansion. The Chief Executive, Donald Tsang, said in his policy address that the developments would involve both domestic and cross-border projects. He said this would create 250,000 jobs, and benefit the economy by an estimated $100- billion a year.

The Chief Executive, Donald Tsang, has announced a $250-billion infrastructure package as the backbone of his development plans for Hong Kong for the next five years. In the first policy address of his new term, he said the Government would push for the construction of ten major projects - including a major bridge spanning Hong Kong, Zhuhai and Macau, a rail link with Guangdong, and the Shatin-Central and South Island lines. Speaking at a press conference after his policy address, Mr Tsang denied the aggressive spending marked a departure from the Government's non-interventionist policy.

Once again thanks to you HongKongDisneyland for providing interesting information, and taking absolute zero notice of what others on here say. Even through not directly involved with the park itself the impact of this annoucement could efect HKDL in the years to come. I like the fact you can come on this forum and discuss all aspects of Hong Kong tourism and not just Disney directly. As who visits Hong Kong just for Disney right.

From what I understand the news is only the HK Govt is pumping money into infrastructure projects providing that the HK economy remains strong and robust. So far no money slated for HKDL. I agree with TDLFan, that this news contains zilch on Disney but it proves on thing that the govt is willing to spend money but not Disney.

Seriously, I'm not sure where this kind of news would fit beyond Off Topic, as it isn't directly Disney related at all. I'm not saying that this news shouldn't be here, as there are links worth discussing (the willingness to spend money on things NOT Disney, for example). However, it might be helpful if the initial poster made it clear what they thought was the Disney link. It would give us something useful to discuss, other than whether it should be here or not.

“I don't mean to sound bitter, cold, or cruel, but I am, so that's how it comes out.” - Bill Hicks